Inside Financial Markets

PNSC introduces ferry service for Port Qasim

Pakistan National Shipping Corporation (PNSC) has decided to introduce ferry service from Marina Club Defense to Port Qasim.

Arif Elahi, Chairman PNSC at the Annual General Body meeting informed that in order to lessen the traveling difficulties of the commuters to and from Port Qasim, PNSC would start a ferry service and Port Charges would be waived till 2030. He said PNSC would acquire two new ships for the purpose.

During this fiscal year, the entity has earned Rs 2,313 million in profits and has disbursed 20 percent per share dividend to the shareholders.

He said shipping industry was going in a loss all over the world but despite this, PNSC has been into profit by providing cargo services to private and government sectors and in this connection, PNSC’s oil tankers remained functional round the year.

On increased orders or non-availability of ships, PNSC tries to hire chartered ships but we always try to hire minimum number of ships.

Transportation of crude oil through bulk career ships has inflicted us loss rather then gain and we are thinking to park our five ships but it is does not seem feasible thus and hope we would start earning soon by our bulk carriers.

He said when we thought of buying new ships, the tax was so high that half of its price was going into duty and other taxes. But after our efforts, we succeeded to convince Federal Finance Minister, Federal Board of Revenue and minister of concerned ministry to write off the taxes.

In the current annual budget, there no zero duty on the purchase of new ships, he added.

Brig (retd) Rashid Siddiqui Executive Director Administration, Jarar Kazmi Director Finance, Capt Muhammad Shakeel Director Commercial, Tariq Majeed Director Ship management and other officials of PNSC attended the meeting.

Baqar Hussain

A Wannabe CFO, just had stepped in the corporate sector, willing to explore every aspect here and learn as mush as i can, awareness for those who dont, get the info where ever possible and stay up to date always.

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)